The
economic promise of Biotechnology is extraordinary: currently
a $60 billion sector worldwide, it is estimated to become
a $120 billion market annually within the next decade. Moving
a promising research discovery to the clinic is not only
costlybut very complex. In this paper, we have attempted
to identify challenges that are unique to a Biotechnology
startup. Our approach to compiling information included
a combination of interviews with Chicago-based bio-entrepreneurs
and research using industry journals, business databases
and newspaper articles. The challenges include raising capital,
building strategic partnerships, recruiting, motivating
and retaining top scientific talent and compliance with
regulatory bodies. Bio-entrepreneurs with a solid product
must effectively identify and prioritize key managerial
challenges and subsequently develop a strategy to address
these challenges in order to succeed. Success brings incredible
experience and a unique promise- the chance for the next
breakthrough life-saver that will improve the lives of generations
to come.